We’re covering the inauguration of Brazil’s first industrial airport. The Covid-19 calamity in Brazil. And the possibility of a violent weekend ahead.
Brazil inaugurates its first industrial airport
Trying to encourage investments and added-value industries, the Belo Horizonte International Airport has inaugurated its industrial airport — Brazil’s first. It is essentially a foreign-trade zone (with lower, simplified tax regimes), and has a 750,000-square-meter space that can house up to 250 companies of different sizes and fields, allowing them to manufacture their products on the airport’s premises. At least in the short-term future, the airport’s administration intends to attract auto part producers and pharmaceutical companies.
Why it matters. By operating in partnership with revenue services, this new trade hub will simplify tax procedures. That is no small feat: companies in Brazil lose an average of 2,000 hours just trying to comply with tax laws — more than in any other country in the world.
- According to a document published by the Federal Comptroller’s Office, the government expects this new free zone to boost trade of Brazilian added-value products, making them more competitive on a global scale.
- It also could help Belo Horizonte Airport cope with a massive loss of revenue due to...